Tax & Accounting Blog

Illinois Unclaimed Property Law Signed

Alerts, Unclaimed Property August 11, 2011

H.B. 1560 was signed into law by Illinois Governor Pat Quinn on Monday, August 8, 2011.

The law lowers the dormancy period for unclaimed wages, payroll, and salary – in any form – to one (1) year. It was previously 5 years. This legislation became effective immediately.